In NASCAR, AI is transforming race preparation and execution. As the season ends and the Cup Series Championship approaches, AI’s role is crucial. Teams like 23XI Racing use advanced simulations to create virtual tracks, enhancing driver skills and strategies while providing data to optimize car setups and race strategies. Integrating AI allows these teams to achieve high precision and efficiency, similar to its impact on the insurance industry. By integrating AI into their core processes, professional racing teams can achieve unprecedented levels of precision and efficiency, mirroring the transformative impact AI has on the insurance industry.

Just as insurers benefit from AI-driven effectiveness and efficiencies, NASCAR’s adoption of AI technologies exemplifies how data-driven insights and process optimization can lead to significant performance improvements. From predictive modeling to real-time decision-making during races, AI helps teams analyze vast amounts of data on tire wear, fuel consumption, and track conditions. This integration of AI not only enhances race day strategies but also ensures that every decision is backed by precise, actionable insights, ultimately driving the sport forward.

Drive Your Intelligent GenAI Journey

AI-powered innovations are transforming industries by enabling more efficient, effective, accurate, and scalable solutions. In the realm of Advanced Generative AI (GenAI), this technology is pushing the boundaries of what machines can create and optimize. Insurers have a remarkable opportunity to create substantial value and realize the potential of generative AI in their business operations, like how professional racing teams leverage AI for performance enhancements.

Leveraging AI to optimize core business processes can redefine and streamline claims processing, enhance risk assessment, and improve customer service through personalized interactions, reducing operational costs, improving productivity, and minimizing human error. This not only boosts efficiency but also enhances the overall customer experience, making AI an indispensable tool for modern insurance companies. GenAI is a game changer for insurers, just as AI is for NASCAR. The potential of GenAI comes shining through when it’s integrated with a company’s core processes and delivers as promised: cost savings and breakthrough efficiencies.

Majesco’s Fall ’24 Release

Majesco’s latest release cements its leadership in leveraging GenAI and AI to reshape the future of insurance. The new Majesco Copilot capabilities bring landmark transformative automation and optimization to daily insurance operations. For example, claim bill and invoice processing is redefined with intelligent document ingestion and automation, saving up to 2.5 hours per claim, significantly improving productivity and operational costs while enabling insurers to refocus on high-value tasks.

The enhancements introduced with the Fall ’24 Release extend across all Majesco’s product offerings, from P&C Intelligent Core, CoreConnect, Loss Control, L&AH Intelligent Core, L&AH Intelligent Sales and Underwriting Workbench, ClaimVantage Enterprise Claims, Absence Management, Digital1st Platform and Portals, and Distribution Management. Each product is now equipped with capabilities designed to help insurers elevate their user and customer experiences, reduce operational costs, and stay ahead in an increasingly competitive market.

Highlights of the release include:

• P&C Intelligent Core Suite: Our game changing Copilot, a GenAI assistant, significantly enhances efficiency and performance in various aspects of claims, billing, and policy transactions, while also providing a unified digital experience and ready-to-use support for specific insurance processes.
• Loss Control: Offers mobile-first capabilities for over 20,000 smartphones, faster system integration with improved APIs, and Copilot automation to enhance task efficiency and survey accuracy for Risk Engineers.
• P&C CoreConnect: The platform enhances efficiency and cost savings by offering multi-carrier quoting, paperless documentation, and AI-powered real-time assistance.
• Enterprise Rating: Leverages advanced technologies to enhance efficiency and accuracy in rating and property intelligence, offering real-time answers and the ability to manage complex rating scenarios with ease.
• L&AH Intelligent Core Suite: Significantly boosts productivity with Copilot and efficiency in document creation, upgrades, and training, while also providing expanded business insights through numerous reports and dashboards.
• ClaimVantage Enterprise Claims, Absence Management & IDAM: Supports compliance with regulatory changes like Paid Leave Oregon and Massachusetts Paid Leave, while automating claim processes through configurable forms, eligibility checks, and benefit payments to streamline operations and improve compliance.
• Intelligent Sales & Underwriting: Provides flexible dental plans tailored for large employers and seamless integration with Life and Disability products for efficient workflows.
• Digital 1^st Platform: Enhances business process synchronization, developer efficiency, user experience security, and real-time data analytics through integration with Majesco Core, GenAI capabilities, new widgets, and Digital1st Analytics.
• Distribution Management: Enhances agent onboarding and management processes through automation, natural language commands, real-time compensation insights, and flexible commission plans.

How does digital innovation enhance operational performance for you? How important is agility and business insight for P&C and L&AH insurers in today’s market?

Embrace the future with Majesco’s groundbreaking Fall ’24 Release, which continues to push the boundaries of what’s possible in insurance. This release is another significant step in its ongoing mission to drive digital innovation and help insurers succeed in the future of insurance.

The future starts with Majesco. Explore the next generation of insurance solutions and embrace the power of GenAI to significantly improve productivity and operational costs. Welcome to insurance excellence in Fall ’24! Learn more about Majesco’s Fall ’24 Product Release here.